Exceptional Jewelry Collection of Greek Connoisseur Dimitri Mavrommatis Expected to Yield $20M at Sotheby’s in November

Two breathtaking jewels — an 8.62-carat “Graff Ruby” and a 27.54-carat Kashmir sapphire — will headline Sotheby’s landmark single-owner sale of treasures from the collection of Greek financier and eminent connoisseur Dimitri Mavrommatis.

The magnificent collection of 16 items, which also includes white and colored diamonds, Colombian emeralds and unique pieces by celebrated jeweler, JAR, is expected to yield $20 million at the auction house’s Magnificent Jewels and Noble Jewels sale in Geneva on November 12.

“This outstanding collection… is a testament to Dimitri Mavrommatis’ discerning eye and impeccable taste,” noted David Bennett, Chairman of Sotheby’s Jewelry Division for Europe and the Middle East. “[This sale] presents a rare opportunity to acquire gems and jewels of exceptional quality."

Nearly half of the anticipated $20 million in sales could come from the “Graff Ruby” ring, whose exquisite cushion-cut center stone exhibits the highly coveted and rare red hue known at “pigeon’s blood.” The Swiss Gemmological Institute (SSEF) noted that the stone displays “outstanding purity” and “superb brilliance.” The ring carries an estimate of $6.8 million to $9 million.

Also getting top billing is a sapphire-and-diamond ring highlighted by a very special sapphire. Extraordinarily rare due to its 20-plus-carat size and saturated velvety blue color, the 27.54-carat sapphire is certified to be of Kashmir origin. The ring is expected to fetch $3 million to $6 million.

A pair of JAR earrings by the famously reclusive and inventive Paris-based designer Joel Arthur Rosenthal also will be on the auction block. The circular earrings feature thin ribbons of white diamonds over a ground of pink pavé-set sapphires. One earring is punctuated in the center by a large white diamond and the other by a equal size ruby. The pair is expected to yield $400,000 to $700,000.

According to businessinsider.com, Mavrommatis is well known for his extensive collection of postwar and modern art. In June 2011, he paid approximately $28 million for one of Pablo Picasso's famous paintings of his lover, Dora Maar.

Photos: Sotheby's